ZAAB ENERGY AG
ZAAB ENERGY AG progresses geotechnical works
ZAAB ENERGY AG / Miscellaneous/Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Munich, 18 June 2008. In accordance with the approved work programme and budget, ZAAB Energy’s Russian subsidiary ZAAB Invest has been progressing on several projects. The main focus of current works is the Marinskiy license area. In early June a Russian service company completed the processing of the newly acquired 2-D seismic on the Marinskiy license area on behalf of ZAAB Invest. The processing sequence required a thorough determination of the top most 'weathering zone' and as a consequence the acquisition of even more geophysical data. The 2-D seismic data is now being interpreted with the assistance of a western service company. The Marinskiy oil field was already discovered in the 1960’s. The extent of the deposit was further confirmed by drilling in the 1970’s. Marinskiy-5, a well drilled previously, encountered encouraging high oil flow rates. ZAAB Invest is convinced that with today’s technology the reservoir can be successfully exploited as has been demonstrated with geologically similar deposits in several regions of the CIS. ZAAB Invest is preparing for the spud in of the next well at Marinskiy during the 4th Quarter of 2008. The other main focus area is the Viselkovskiy-Kubanskiy license area. 625 kilometers of 2-D seismic data has been loaded into an interpretation programme together with relevant well information. Recently, additional old but useable seismic data has been located in Government archives. If possible the data will be added to the existing data base. The re-interpretation of the data will result in an improved prospect and leads map focusing on the producing horizons in the region. In addition, areas for new data acquisition will be defined and a new seismic survey will be conducted to infill existing gaps later this year. The information will help to reduce risks of the next exploration well scheduled for early next year. With respect to the South-Yermolinskiy license area the final logging results have been reinterpreted with the assistance of a western service company. While the presence of potentially favorable reservoir rocks has been confirmed, so far movable hydrocarbons could not be shown. The remaining potential is currently being assessed by a third party interpretation. ZAAB Invest is evaluating new investment opportunities in the Russian Federation on a constant basis. New opportunities include auctions by Government authorities as well as sales by private companies. ZAAB Energy AG is a Munich based independent oil and gas exploration company which expects to start up its oil production in the near future. ZAAB Energy’s Russian subsidiary ZAAB Invest holds a license portfolio to five areas located in the Russian Federation between Black and Caspian Sea with significant oil and gas resources. Board of directors Forward looking statements This news release is based on partly forward looking statements i.a. on planned drillings and expansion drillings, as well as associated costs and estimates of oil and gas production, cash flows and other factors. All statements such as planned, estimated, expected, potential etc. are of a forward looking nature. Although ZAAB Energy AG is of the opinion that the forward looking statements are plausible, they comprise risks and uncertainties in a way that the occurrence of the assumed results may not be warranted. Important factors that may lead to deviations between the actual results and the forward looking statements are e.g. issues of a technical or mechanical nature or geological issues, which may lead to the result that a commercial recovery of the reserves or resources is not possible. In addition, prices may have an important impact on profitability. No offer to sell shares This document represents neither an offer to sell shares of ZAAB Energy AG ('the Company') nor an invitation to make an offer to purchase shares of the Company. This document and the information contained therein may not be brought into or transmitted to the United States of America or distributed or transmitted to American persons (including legal entities as defined in Regulation S of the United States Securities Act of 1933, as amended - the 'Securities Act') or to publications with a general circulation in the United States of America. Each violation of such limitations may constitute a violation of applicable securities laws. The shares of the Company have not been, and will not be, registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of any US person (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There shall be no sale of shares in the Company in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. Contact: Jan-Hendrik Röver, Member of the Board, tel.: +49 89 242 246 910 18.06.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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